Sept. 24 (Bloomberg) -- Crude oil in New York may drop as low as $71.50 a barrel in a short-term consolidation period, according to technical indicators used by traders to predict price movements.

Oil for November delivery will fall toward intra-day lows of $74.25 a barrel reached on Sept. 7 and $73.10 on Aug. 31, said Stephanie Aymes, a London-based cross-commodity technical analyst at Societe Generale SA. The top range of crude’s consolidation is $76.25, which is close to the 38.2 percent Fibonacci retracement of the contract’s drop from its $83.91 high on Aug. 4 to $71.49 on Aug. 25.